/C O R R E C T I O N -- On Track Innovations Ltd./

In the news release, OTI (NASDAQ:OTIV) Reports FY 2007 Fourth Quarter and Full Year Financial Results, in the CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS table, the line "Amortization of intangible assets," the numbers in the third and fourth column were inverted, as incorrectly transmitted by PR Newswire.  The corrected table follows:

                         ON TRACK INNOVATIONS LTD
              CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
             (In thousands, except share and per share data)

                                    Year ended          Three months ended
                                    December 31             December 31
                                  2006        2007        2006       2007

  Revenues
  Sales                         $35,171     $40,854     $10,417     $12,237
  Licensing and transaction fees  5,382       2,631       2,775         779
  Total revenues                 40,553      43,485      13,192      13,016

  Cost of Revenues
  Cost of sales                  21,871      25,918       6,911       7,451
  Total cost of revenues         21,871      25,918       6,911       7,451

  Gross profit                   18,682      17,567       6,281       5,565

  Operating Expenses
  Research and development, net   7,065      12,265       1,811       4,062
  Selling and marketing           7,072       9,670       1,952       2,812
  General and administrative     11,948      17,593       2,771       4,149
  Amortization of intangible
   assets                           821       1,314         264         328
  Gain from sale of subsidiaries   (122)          -           -           -
  Total operating expenses       26,784      40,842       6,798      11,351

  Operating loss                 (8,102)    (23,275)       (517)     (5,786)
  Financial income, net           1,712       1,862         434         390
  Other expenses, net               (75)       (136)        (95)        (25)
  Loss before taxes on
   income and minority interests (6,465)    (21,549)       (178)     (5,421)
  Income tax benefit                323         226           9          29
  Minority shares in loss           625       1.038          32           -
   of subsidiary
  Equity in loss of affiliate    (1,087)       (358)       (118)        (86)
  Net loss                      $(6,604)   $(20,643)      $(255)    $(5,478)

  Basic and diluted net loss
   per ordinary share from:
  Net loss                       $(0.47)     $(1.09)     $(0.02)     $(0.29)

  Weighted average number
   of ordinary shares used
   in computing basic and
   diluted net loss per
   ordinary share            13,919,958  18,896,214  15,309,225  19,220,122


DATASOURCE: On Track Innovations Ltd.

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